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URL:  https://boards.fool.com/state-income-tax-has-to-this-point-been-32956700.aspx

Subject:  Re: biggest tax cut winners? it's shareholde Date:  1/19/2018  12:50 PM
Author:  warrl Number:  529868 of 576384

State income tax has, to this point, been deductible from your federal tax, so that’s “0%” Likewise sales taxes, to a point. Don’t count this twice, OK?


This is incorrect.

State income tax is NOT deductible from your federal tax. It's deductible from your taxable income. If state income tax is 10% and you're in a 33% marginal tax bracket, your net state income tax is 6.7% - rounds to 7%.

Last I checked, sales tax and property tax had been removed from the list of taxes that were even deductible from taxable income.
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